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Tax Levy | Stop IRS Garnishment | Flat Fee Tax Relief | Florida | Miami

Updated: Aug 11

HOW A TAX LEVY WORKS


This article is brought to you by the tax professionals at Flat Fee Tax Relief. Our teams are located in Clearwater, FL, and San Diego, CA. We provide valuable IRS tax debt help at a very affordable fee.


Tax debts are among the most difficult debts to eliminate but with experienced help tax relief can be accomplished. Just so you know, bankruptcy can’t wipe out all of your taxes owed, and taxing authorities have more power than other types of creditors to seize assets.


As an example, the IRS can use a tax levy to take property without the need to take you to court and win a judgment against you.


Fortunately, it’s possible to prevent and stop an IRS levy.

Tax Levy Garnishment

What Is a Tax Levy (IRS Garnishment)?

A tax levy is a procedure that the IRS and local governments use to enforce collection money of a tax debt. Tax levies can collect funds in several different ways, including taking funds from your bank account or garnishing your wages. Some of the most common strategies include:



  • Bank levies: The IRS can require your bank to prevent withdrawals from your account for 21 days and then withdraw funds from your account. The bank must then forward the money you owe to the IRS.

  • Wage garnishment: Your employer is required to hold back a portion of your pay and send it to the IRS until your debt is satisfied.

  • Property seizure: The IRS can take the property you own (such as a house or automobile), sell it, and apply the sales proceeds to your tax debt.

  • Reduced tax refunds: The IRS may hold money that would otherwise come to you via a refund. What’s more, the IRS can affect state and municipal refunds (the state will send funds to the IRS instead of to you).

Other IRS Enforcement Options: Taxing agency carry out enforcement actions in surprising ways. If you don’t have liquid cash to satisfy debts, they may be able to find other forms of value. As a government body, the IRS has more power than other creditors, so the IRS can effectively jump to the front of the line. If you owe money to multiple creditors (such as the IRS, a mortgage lender, and a credit card issuer), the IRS has a best tools of collecting.


What to Expect

The IRS will send out a series of notices before using a levy, so be sure to open your mail. Keep your mailing address up to date, and communicate with the IRS if you’re having financial problems.


The IRS is only required to mail their notices out. The IRS is not required to ensure you receive the notices.

If you receive a document titled Final Notice of Intent to Levy and Notice of Your Right to a Hearing, a tax levy may follow very soon thereafter.


Don't panic: Sometimes the Notice of Intent arrives early. It may come in the mail before a tax bill, for example, making you wonder how you missed any previous notifications. This is definitely something to take seriously, but as long as you pay quickly (or work out an arrangement with the IRS), you should be able to avoid major problems.


How to Release a Tax Levy

The quickest, surest way to have an IRS tax levy (#IRSgarnishment) stopped and released is to call Flat Fee Tax Relief immediately. Our teams of tax professionals routinely have an IRS tax levy stopped and released in one day. Clearly, a tax levy will devastate you financially. What, on your own, can you do to get the levy released? You have the right to appeal the event and prevent a levy from moving forward. You can even request that creditors return levied assets to you after the fact. To complete an appeal, ask the IRS for guidance and see Publication 1660. If you need additional help, ask a CPA, Enrolled Agent (EA), or local tax attorney how to proceed. You may think you know what to do, but truly, you don't. Your Options:

1. Do nothing. Surrender to the IRS and have the agency confiscate your pay check week after week.

2. Enter into an Installment Agreement with the IRS. This isn't a totally bad idea, but the IRS has many rules regarding Installment Agreements and you don't know them. Consequently, the chances of you agreeing to a very bad payment plan is a very real possibility.

3. Be declared Currently not Collectible. Depending on many factors, you can be placed into IRS hardship status. This will end payments being made to the IRS for a period of 18 to 24 months. A tax lien will most likely be filed while a taxpayer is in hardship.

4. An Offer in Compromise tax settlement. This is is the "Holy Grail" of tax relief options. This is a complete settlement (#IRSsettlement) of a tax debt. Yes, some amount will need to be paid but the amount of payment will be so miniscule that it will be negligible. Not everyone is qualified and eligible for an Offer in Compromise. The tax debt must be more than $10,000. If you want to know if you can settle with the IRS, call Flat Fee Tax Relief today. Our consultation is free. There is no obligation on your part. Our conversation will take approximately 20 to 30 minutes. By the time we finish, you will have a complete understanding of what can be accomplished on your behalf.


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